Uniswap Reaches Record $116B Monthly Volume Amid UNI Token Changes

Uniswap achieved its first-ever $116 billion monthly trading volume in July 2025, propelled by changes to UNI tokenomics.

This marks a significant milestone for decentralized finance, reflecting increased user engagement and governance participation, while sparking market interest in DeFi potentials.

Uniswap Hits $116B Volume Amid UNI Upgrades

Uniswap’s trading volume hit an all-time high in July. This was spurred by updated tokenomics and increased protocol activity. Uniswap Labs reported that “We’ve deployed upgrades to the Uniswap protocol fee switch and expanded incentives for UNI stakers, which have catalyzed fresh liquidity inflows and engagement from long-term users.”

Updates to the protocol fee mechanisms and enhanced incentives have been implemented, aiming to heighten user engagement and liquidity on the platform.

DeFi Surpasses Centralized Platforms in Trading Activity

The volume record indicates more activity in decentralized finance than major centralized platforms. This shift showcases decentralization’s growth, challenging conventional trading systems. “Uniswap set a new all-time high $116B in monthly volume, showing how on-chain finance is outpacing some of the world’s biggest centralized platforms. The new UNI economics have empowered more governance and increased demand.” — Hayden Adams, Founder, Uniswap Labs

The changes have resulted in increased governance from UNI holders. More protocol revenues are directed to stakers as part of the ongoing effort to strengthen community governance.

Continued Growth Expected After 2020’s DeFi Summer Trends

Past DeFi surges, such as the “DeFi Summer” of 2020, led to similar growth in platform use. Uniswap’s development parallels these trends, emphasizing its long-term resilience.

Future outcomes might include sustained ecosystem growth, influenced by robust governance models and financial strategies. Experts predict continued interest in decentralized platforms.